RUSSIA: Baltika brewer rose its US GAAP sales worth by 24% on year to $447 mln over the first half of 2004, the company said.

Taken in kind, 8.843 mln hl were sold, 11% up on year. Quarter-on-quarter rise was 14%. The sales were speeding up over the whole period to enable June sales to hit the previous year's indicator by 25%.

Net profit gained 2% on year to $65 mln, gross profit increased 19% to $189 mln, gross efficiency stood at 45%.

H1 EBITDA rose 7.2% to $119 mln. EBITDA margin lost 4% to 29% impacted by the aggressive promotion campaign and subsequent growth in ads costs.

OAO Baltika brewer is Russia's major beer maker, uniting 5 breweries and 31 distribution centers. Baltic Beverages Holding AB (Sweden) is the major holder.

2003 US GAAP net profit amounted to $123 mln.

27 August, 2004